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Brightoil publishes unaudited financial results for FY 2017, 2018, 2019

The oil and bunkering firm recorded a USD 328.82 million net loss for operations in FY 2019, showed results released on Friday.
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Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday published its unaudited financial results for the financial year (FY) ended 30 June 2017, 2018, 2019, and six months ended 31 December 2017 and 2018 due to compliance with a listing rule of the Hong Kong Stock Exchange. 

“Rule 13.49(3)(i)(c) of the Listing Rules provides that where an issuer is unable to issue its preliminary results, it must announce its results based on the financial results which have yet to be agreed with the auditor (so far as the information is available),” it stated.

In short, the unaudited results for the respective financial years ended 30 June (in HKD million) are as follows:

FY 2017

  •         Revenue – 63,686
  •         Cost of sales & services – (61,308)
  •         Profit for the year – 1,144

FY 2018

  •         Revenue – 32,927
  •         Cost of sales & services – (31,491)
  •         Loss for the year – (200)

FY 2019

  •         Revenue – 3,421
  •         Cost of sales & services – (2,703)
  •         Loss for the year – (2,554)

“The Board wishes to emphasise that the information set out above is only based on a preliminary review and assessment on the unaudited management accounts of the Group and the information currently available for the Audit Committee of the Company and has not been confirmed, reviewed nor audited by the Company’s auditor,” states Brightoil.

“The Audit Committee cannot perform a comprehensive assessment on the Unaudited Management Accounts.

“The Board cannot guarantee that the unaudited financial results truly reflect the financial performance and condition of the Company and might be misleading if any potential adjustment has to be taken into account.

“Shareholders and potential investors should exercise caution when considering the above figures and when dealing in the securities of the Company.” 

The complete publication of Brightoil’s unaudited financial results can be obtained here.

Trading of Brightoil’s shares on the Stock Exchange has been suspended since 3 October 2017. 

Related: PricewaterhouseCoopers resigns as auditors of Brightoil Petroleum
Related: HKSE probes ‘management integrity’ of Brightoil Petroleum Holdings
Related: Brightoil faces $161 million claim from China Petroleum Pipeline Engineering
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Petrolimex Singapore wins USD 30 million bankruptcy order against ex-Brightoil Chairman
Related: Hong Kong: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser

 

Photo credit: Brightoil
Published: 3 February, 2019

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Biofuel

China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 mt of B24 marine biofuel oil for “Xin Chi Wan” vessel, at Shekou Container Terminal.
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July 8, 2026

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China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Zhuhai Chimbusco Petroleum Co Ltd (Chimbusco Zhuhai), a subsidiary of China Marine Bunker (PetroChina) (Chimbusco), on Monday (6 July) said the company completed its first bunkering operation since receiving its local licence in Shenzhen. 

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 metric tonnes (mt) of B24 marine biofuel oil for the Xin Chi Wan vessel, owned by COSCO Shipping Group, at the Shekou Container Terminal in Shenzhen.

The operation adopted the “cross-customs direct supply bunkering” model with the cooperation of Shenzhen and Gongbei Customs and maritime authorities.

Looking ahead, Chimbusco Marine Bunker (Shenzhen) said it will build on its local licensing and policy advantages to expand its bonded marine fuel bunkering business in Shenzhen.

The company plans to optimise its bunkering processes and improve service quality to help strengthen the city’s bonded marine fuel supply capabilities while supporting the shipping industry’s green transition.

 

Photo credit: Zhuhai Chimbusco Petroleum
Published: 8 July, 2026

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Sanctions

US reinstates Iran oil sanctions, orders wind-down by 17 July

US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.
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17 hours ago

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July 8, 2026

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Zbynek Burival on Unsplash

The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

 

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

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Legal

Russian court orders marine fuel supplier Transbunker assets transferred to state

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.
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17 hours ago

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July 8, 2026

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Egor Filin on Unsplash

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.

This comes following a lawsuit alleging the company was illegally controlled through offshore corporate structures, according to The Moscow Times. 

The ruling grants the Russian Prosecutor General’s Office’s claims in full and takes immediate effect. Prosecutors argued that Transbunker, one of Russia’s largest marine fuel suppliers, was subject to restrictions on foreign ownership because the companies within the group qualify as strategic enterprises. 

The case targets Transbunker founders Iosif Sandler and Sergei Pugachev, both Cypriot citizens, along with Transbunker Management CEO Yelena Zavyalova. 

Prosecutors alleged the founders concealed control of the group through offshore entities in jurisdictions including Cyprus and the British Virgin Islands, while transferring profits abroad. Authorities claim RUB 19.3 billion (USD 247 million) has been moved out of Russia since 2020.

Founded in 1991, Transbunker has developed a nationwide marine fuel supply network serving Russian ports in the Baltic, Black Sea and Far East. The group owns fuel terminals in Novorossiysk, Vanino, Sakhalin and the Leningrad region, among other assets.

 

Photo credit: Egor Filin on Unsplash
Published: 8 July, 2026

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